Frankfort, Will County, Illinois Property Taxes

Name: Property Tax Bills Across Frankfort, Will County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median FRANKFORT, IL effective property tax rate: 2.72%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median FRANKFORT, IL home value: $348,273
Median annual FRANKFORT, IL tax bill: $9,248, $6,848 higher than the national median property tax bill of $2,400.

How are property taxes in Will County calculated?

Property taxes in FRANKFORT, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding FRANKFORT’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in FRANKFORT, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Frankfort, Will County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.72%

Estimate Property Tax Bill

$9,473

$8,791

Ownwell’s Frankfort Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, our calculator applies Frankfort’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Will County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Frankfort, Will County, Illinois

Local government entities set tax rates, which can vary widely within a state. This is because each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. In Frankfort, located in Will County, Illinois, the effective property tax rate stands at 2.72%, which is significantly higher than the national median property tax rate of 1.02%. This places Frankfort among the areas with the highest property tax rates in Illinois. The property tax rate in Frankfort is also the same across different zip codes, indicating uniformity in tax assessments within the area. Homeowners in Frankfort face a higher property tax bill compared to the national median, reflecting the area's robust public services and infrastructure. When considering property investment or homeownership in Frankfort, understanding these tax implications is crucial for financial planning and long-term investment strategies.

Property Tax Rates Across Frankfort, Will County, Illinois

Source: Ownwell

1.73%

3.67%

5.61%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Frankfort Tax Rate

2.72%

Median Effective Will County Tax Rate

2.62%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Frankfort, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
60423	2.38%	2.62%	2.72%	2.82%	2.90%

Source: Ownwell

Property Tax Assessment Values Across Frankfort, Will County, Illinois

When examining property taxes in Frankfort, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Will County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Will County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Frankfort. For example, the median home price in Frankfort is $348,273, with tax bills ranging significantly across the county. ZIP code 60423 has the highest median home price at $348,273.

Property Tax Assessment Values Across Frankfort, Will County, Illinois

Source: Ownwell

$101,070

$390,154

$679,238

Median Frankfort Market Value

$348,273

Median Will County Market Value

$251,502

Median Illinois Market Value

$194,700

Median United States Market Value

$235,294

Property Tax Assessment Values Across Frankfort, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
60423	$206,769	$247,620	$348,273	$468,135	$581,796

Source: Ownwell

Property Tax Bills Across Frankfort, Will County, Illinois

In Frankfort, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value is then multiplied by the local property tax rate. Homeowners in Frankfort, located in Will County, experience a median property tax bill of $9,248, significantly higher than the national median of $2,400. Factors such as the property's market value, location, and any applicable exemptions are considered in calculating the tax bill. For many homeowners, this substantial tax burden can impact their financial planning and overall budget.

Ownwell assists homeowners by providing expert property tax appeal and exemption services. By analyzing property assessments and identifying discrepancies or opportunities for exemptions, Ownwell helps reduce tax liabilities. This can lead to significant savings, easing the financial strain on homeowners. With a deep understanding of local tax regulations and a commitment to client service, Ownwell is a valuable ally in navigating the complexities of property taxation, ensuring homeowners in Frankfort pay only their fair share.

Property Tax Bills Across Frankfort, Will County, Illinois

Source: Ownwell

$1,870

$11,744

$21,617

Median Frankfort Tax Bill

$9,248

Median Will County Tax Bill

$6,703

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,400

Property Tax Bills Across Frankfort, Will County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
60423	$5,269	$6,672	$9,248	$12,624	$15,939

Source: Ownwell